a(nother) sad day in America for some
Posted by admin on January 5th, 2010
So much for Forbearance Agreements:
January 4, 2010: A Realtor/friend said today: “Be careful. Wells Fargo just foreclosed without notice on a home that was in the middle of the three month forbearance agreement.” Apparently Wells (and other lenders) do not have the ability to modify any loans it has sold (and my loan has been sold repeatedly). I was pleased in 2006 when Wells Fargo took on my mortgage; I had no idea that lenders were then bundling and selling them willy nilly. This has been a painful lesson.
January 5, 2010: A couple knocked on my door around 4 p.m. wanting to know if the open house was over. Surprised, I told them they must mean Point San Pedro Road. They said they were new to the area and weren’t sure. (I subsequently checked — there is NO address similar to mine on Point San Pedro Road — it is my house they came to view, but I see nothing on the Internet to indicate that it is up for sale — this strikes me as insider information. The woman was about 45, blonde, 5’7”, trim. The man was around 60, about 5’8”, quite portly, somewhat seedy and smoking cigarettes. She spoke. He said nothing.)
I was delighted when on December 23, 2009 (after one year of “negotiations”) I received a Forbearance Agreement from Wells Fargo with a modification within my income structure. A polite Wells Fargo rep explained that the language on those “Agreements” is “boilerplate.” That doesn’t seem to be true: Basically, you do give away your rights, the lender “in its sole discretion and without further notice to you (me), may terminate this Agreement . . . and may foreclose . . .
January 5, 2010: eMail to Wachovia and Wells Fargo: Do you have any idea what is going on? Does Wells Fargo have the power to save anyone’s home?
I have written to Wells Fargo’s CEO and CFO for an explanation of the Agreement and requested a copy of the note as it is now held so I know with whom I am dealing. No response as yet. I CAN afford the restructured agreement as noted in the forebearance — without undue problems.
My negoiator said it might go up a couple of hundred dollars when it is finalized — that is affordable also. However, if lenders really do not want to help anyone with anything, or actually cannot help, what are we all doing? Will you kindly assist me in getting a copy of the note asap or tell me who to contact?
I speak for millions of Americans when I say this is really sad; this absolutely should not be happening in America.
